Working closely with these customers, we have built upon the significant amount of ground work made over the last several years, to identify and penetrate the right power plants that we believe will be able to stay compliant,

working closely with these customers we have built upon the significant amount of groundwork laid over the last several years to identify and penetrate the right power plants that we believe will be able to stay compliant


We believe these adjustments reflect the underlying performance of the business when discussing operational results and comparing to the prior year periods. Please refer to the reconciliation and the financial tables of our press release for further details.

we believe these adjustments reflect the underlying performance of the business when discussing operational results and comparing to the prior year periods please refer to the reconciliation in the financial tables of our press release for further details


The combination of new security option, a completely new operating system and changes in application infrastructure appears to have caused IT Departments to proceed cautiously and therefore more slowly.

the combination of new security options a completely new operating system and changes in application infrastructure appears to have caused it departments to proceed cautiously and therefore more slowly


So it's not just the name of the company, but it's people to put a face to and a name to and realize that we're same as they are and part of their community.

so it's not just the name of a company but it's people to put a face to and a name to and realize that we're -- same as they are a part of the community


We believe these customers are recognizing the value of our high-quality route structure and secure network and are turning to Syniverse to help them increase the utilization of mobility to communicate and engage with their customers.

we believe these customers are recognizing the value of our high-quality route structure and secure network and are turning to syniverse to help them increase the utilization of mobility to communicate and engage with their customers


the driver difficulties and that we needed an increase. And so on the back half of the year, I think part of this rate improvement that you've seen was also from us just being tendered loads at the agreed-upon rate, but just

the driver difficulties and that we needed an increase and so in the back half of the year i think part of this rate improvement that you've seen was also from us just being tendered loads at the agreed-upon rate but just


The projection that we put out there for sailing days is reflective of the discussions that we've had and the nominations that we've had from the customer,

the projection that we put out there for sailing days is reflective of the discussions that we've had and the nominations that we've had from the customer


Another thing that they bring there is their open source -- curated open source distribution, which actually forms the underpinning for PKS now as well, so those are combined.

another thing that they bring there is their open source curated open source distribution which actually forms the underpinning for pks now as well so those are combined


thinking back to your -- through the cycle target of 3% to 5% plus maybe a couple of points. I think you got the microwave award in 1Q. Is that kind of what the base case should be at this point?

thinking back to your through the cycle target of 3% to 5% plus maybe a couple of points i think you got the microwave award in 1q is that kind of what the base case should be at this point


So good morning to all of you. I would like to welcome you to Beiersdorf's analyst meeting here in Hamburg. This is a special meeting today because it's with new management.

so good morning to all of you i would like to welcome you to biostar's analyst meeting here in hamburg this is a special meeting today because it's with new management


In order to sustainably support our growth, we need to strengthen our manufacturing footprint through capital investments in growth-relevant geographies as well as in technologies.

in order to sustainably support our growth we need to strengthen our manufacturing footprint through capital investments in growth-relevant geographies as well as in technologies


I have been working diligently with the new leadership team to develop a strategic roadmap that we previewed on the last earnings call to optimize, focus, and grow with discipline.

i have been working diligently with the new leadership team to develop a strategic road map that we previewed on the last earnings call to optimize focus and grow with discipline


That does conclude today's conference. We do thank you for your participation. And you may now disconnect. Have a great rest of your day.

that does conclude today's conference we do thank you for your participation you may now disconnect have a great rest of your day


performance and financial condition of First Western Financial that involve risks and uncertainties. Various factors could cause actual results to be materially different from any future results expressed or implied by such forward-looking statements.

future performance and financial condition of first western financial that involve risks and uncertainties various factors could cause actual results to be materially different from any future results expressed or implied by such forward-looking statements


We mentioned in the prepared comments that our luxury and upper-upscale share there is substantial particularly when compared to the rest of the industry. But I think we are seeing globally

we mentioned in the prepared comments that our luxury and upper upscale share there is substantial particularly when compared to the rest of the industry but i think we are seeing globally


We'll always look to do some level of reinvestment. We have committed to improving our operating margin as well. So there isn't a one for one, like -- that you used to see maybe in the past, where we've delivered more top line and spent at an even more aggressive rate.

we'll always look to do some level of reinvestment we have committed to improving our operating margin as well so there isn't a one-for-one like that you used to see maybe in the past where we'd deliver more top line and spend at an even more aggressive rate


said at the beginning of the meeting that all that they talked about that day would apply to everything except for MDS therapy. And so everybody has recognized it's a very difficult situation that exists.

dr pasztor said at the beginning of the meeting that all that they talked about that day would apply to everything except for mds therapy and so everybody's recognized that it's a very difficult situation that exists


Is there any sense when working with them that you've developed about how their customers would react in terms of volumes over time, given the broad customer base that they have?

is there any sense in working with them that you can -- you've developed about how their customers would react in terms of volumes over time given the broad customer base that they have


And there's lots of new products in it. And indeed, there's some changes to how we're doing that, that make it easier to adopt and easier to implement, Walter.

and there's lots of new products in it and indeed there's some changes to how we're doing that that make it easier to adopt and easier to implement walter


Yes. So PC Plus continues to be a growing and important part of how we make margin investments to drive targeted sales in the consumer.

yes so pc plus continues to be a growing and important part of how we make margin investments to drive targeted sales in the consumer


We expect total cash outflow in the first quarter of 2019 to be higher than our projected outflow for the fourth quarter, driven by bonus payments and our semi-annual interest payment on convertible debt.

we expect total cash outflow in the first quarter of 2019 to be higher than our projected outflow for the fourth quarter driven by bonus payments and our semi-annual interest payment on convertible debt


In addition to the absence of valuation gains due to the restructuring of the construction materials business recorded in the previous fiscal year, the decrease stemmed from a deceleration in steel demand in emerging markets.

in addition to the absence of valuation gains due to the restructuring of the construction materials business recorded in the previous fiscal year the decrease stemmed from a deceleration in steel demand in emerging markets


If we understand it correctly, more of your Cash Management business is in Latin American countries, which have seen a lot of currency depreciation. So

if we understand it correctly more of your cash management business is in latin american countries which have seen a lot of currency depreciation so


the operating income level, the negative effect of the yen versus U.S. dollar exchange rate was further exacerbated by the negative impact of currency effects of the yen versus a number of Asian country currencies,

at the operating income level the negative effect of the yen versus u s dollar exchange rate was further exacerbated by the negative impact of currency effects of the yen versus a number of asian country currencies


As our strong revenue growth illustrates, the partial U.S. Federal government shutdown as well as concerns raised by Brexit and the slowing Chinese economy had no noticeable impact on our fourth quarter performance.

as our strong revenue growth illustrates the partial u s federal government shutdown as well as concerns raised by brexit and the slowing chinese economy had no noticeable impact on our fourth quarter performance


And we are on plan against those objectives. We also have exciting plans in place to further build upon this success, and we are confident that our businesses will continue to deliver on our objectives for future growth.

and we are on plan against those objectives we also have exciting plans in place to further build upon this success and we are confident that our businesses will continue to deliver on our objectives for future growth


One of the factors contributing to lower profits in the first half was the increase in advertising expenses targeted at developing new brands focused on products in the wellness domain.

one of the factors contributing to lower profits in the first half was the increase in advertising expenses targeted at developing new brands focused on products in the wellness domain


reducing our market share, but at the same time, this is a very strong position we intend to retain and, in fact, expand. Some of the profitability,

reducing our market share but at the same time this is a very strong position we intend to retain and in fact expand some of the profitability


We are also working directly with several national and regional corporate customers. We believe that ENTYCE is well represented in the clinics, and we are having success in defining and building this new therapeutic category.

we are also working directly with several national and regional corporate customers we believe that entyce is well represented in the clinics and we are having success in defining and building this new therapeutic category


And in some cases, we have a very healthy front end because there's scarcity in the product itself. In other cases, we have a very healthy back end because we sell the value of our products and services.

and in some cases we have a very healthy front end because there's scarcity in the product itself in other cases we have a very healthy back end because we sell the value of our products and services


it requires that we build the inventory for our completion crews more so than we've seen in the past. And so that delay is really what's affected our first quarter's production.

it requires that we build inventory for our completion crews more so than we've seen in the past and so that delay is really what's affected our first quarter's production


And right now, our belief is that we can run it better than going to the whole pain of refranchising and then living with all the friction. We don't believe that going back and forth from owning it, refranchising it, owning it again

and right now our belief is that we can run it better than going through the whole pain of refranchising and then living with all the friction we don't believe that going back and forth from owning it refranchising it owning it again


So -- which leads us to your first question. We do expect to continue to grow in absolute terms as well as in terms of market share our retail deposit base.

so which leads us to your first question we do expect to continue to grow in absolute terms as well as in terms of market share our retail deposit base


What comes on top for everybody is that it's quite difficult to get financing packages for new spinning mills at the moment. Although, the government in China and also the government in India have started to release money to

what comes on top for everybody is that it's quite difficult to get financing packages for new spinning mills at the moment although the government in china and also the government in india have started to release money to


secure and then there's another one in Houston that we're hopefully going to at least make it to the shortlist. So I think that if I'm picking up 2 out of 20, it's certainly not as good as it was 12 months ago.

secure and then there's another one in houston that we're hopefully going to at least make it to the shortlist so i think that if i'm picking up 2 out of 20 it's certainly not as good as it was 12 months ago


These will prove to be short-lived. Let me assure you that our new delivery service will adhere to the high standards our customers in China have come to expect with regard to the Starbucks Experience.

these will prove to be short-lived let me assure you that our new delivery service were adhered to the high standards our customers in china have come to expect with regard to the starbucks experience


We also launched Cornerstone Blend, the first whiskey from the Noble Collection, a series of allocated annual releases highlighting the craftsmanship of Crown Royal's distillers and blenders.

we also launched cornerstone blend the first whiskey from the noble collection a series of allocated annual releases highlighting the craftsmanship of crown royal's distillers and blenders


I think the first thing that we're focusing on is absolute access to the drug, which is our primary objective and we can't compromise that. So we're going to be very thoughtful about how we take price increases moving forward.

i think the first thing that we're focusing on is absolute access to the drug which is our primary objective and we can't compromise that so we're going to be very thoughtful about how we take price increases moving forward


That said, however, it is believed that soft commodity pricing has reached the end of the current deflationary cycle. And if one looks at the rand this morning and over the weekend, I think it's further supportive of that notion.

that said however it is believed that soft commodity pricing has reached the end of the current deflationary cycle and if one looks at the rand this morning and over the weekend i think it's further supportive of that notion


I want to pause here and acknowledge what a strong partner Herb has been for me and the company in working through this plan. Herb brings excellent insight and judgment to the CFO role, having led one of our fastest-growing offices

i want to pause here and acknowledge what a strong partner herb has been for me and the company in working through this plan herb brings excellent insight and judgment to the cfo role having led one of our fastest growing offices


really focused on is if they merge or change the points system and change the way they're redeemed, there's going to be winners and losers among the hotels when that point system changes. And I think that's

really focused on is if they merge or change the point system and change the way they're redeemed there's going to be winners and losers among the hotels when that point system changes and i think that's


just as much because there was no demand out there as it did stop for weather. So we had contractors that were being reported back to us because they just had very weak backlog at year-end. So even if the weather had been favorable, they didn't have a lot of work to go get done.

just as much because there was no demand out there as it did stop for weather so we had contractors that were being reported back to us that they just had very weak backlog at year-end so even if the weather had been favorable they didn't have a lot of work to go get done


at the end of last year as far as the goodwill value on PlaneTechs. I'm just wondering what happened in the first half of this year that led to an impairment.

at the end of last year as far as the goodwill value on plantex i'm just wondering what happened in the first half of this year that led to an impairment


gives our competitors a road map of exactly what we're doing and so it just invites greater competition in the areas where we think we're strong and where we have a lead. So that's the reason for it. And

gives our competitors a road map of exactly what we're doing and so it just invites greater competition in the areas where we think we're strong and where we have a lead so that's the reason for it and


there ever was the sanctioned risk linked to voting rights, Renova would adjust its voting rights correspondingly. It's difficult to transfer shares, because you need to get banks to

there ever was a sanctioned risk linked to voting rights renova would adjust its voting rights correspondingly it's difficult to transfer shares because you need to get banks to


if shares are held by an investor that is not under sanctions we pay dividends. This is going forward, but all the dividends that have been held back to release that we would have to get

if shares are held by an investor that is not under sanctions we pay dividends this is going forward but all the dividends that have been held back to release that we would have to get


I am pleased to report that the launch activity to date is proceeding on plan. During the quarter, we began building inventories of new product and made initial shipments to a number of customers.

i am pleased to report that the launch activity to date is proceeding on plan during the quarter we began building inventory of the new product and made initial shipments to a number of customers


even further with Ocado, and we've been meeting with them constantly since we announced the deal, and as we look at the market, we're more and more confident this is a good strategy. But

even further with ocado and we've been meeting with them constantly since we announced the deal and as we look at the market we're more and more confident that this is a good strategy but


we'll see a replacement of the margins and a growth in those margins on an extremely low capital expenditure basis. So we'll transition through that. That's what our expectation's on that.

we'll see a replacement of the margins and a growth in those margins on an extremely low capital expenditure basis so we'll transition through that that's what our expectation is on that


In a few minutes, Brett will provide additional perspective on the Phase II data, but we're pleased with these results and especially gratified by the responses from key opinion leaders in neurology with whom we've discussed the data set.

in a few minutes brett will provide additional perspective on the phase ii data but we're pleased with these results and especially gratified by the responses from key opinion leaders in neurology with whom we discussed the dataset


including on efficacy endpoints. Rates of clinical response were higher for all active doses than for placebo, using both the partial Mayo and total Mayo definitions for clinical response.

including on efficacy endpoints rates of clinical response were higher for all active doses than for placebo using both the partial mayo and total mayo definitions for clinical response


In mid-2013, we decided to make the supplemental dividend semiannual, paid in June and December. We have continued this practice through the December 2018 dividend we declared last month.

in mid-2013 we decided to make the supplemental dividend semi-annual paid in june and december we have continued this practice through the december 2018 dividend we declared last month


The tank trailer business continues to experience softness in certain markets, which is creating top line pressure in the segment's largest business. This prolonged softness is creating weaker top and bottom line results than previously expected.

the tank trailer business continues to experience softness in certain markets which is creating top line pressure in the segment's largest business this prolonged softness is creating weaker top and bottom line results than previously expected


Modestly offsetting these headwinds is the expectation for our organic international business to grow and shipments into our industrial distribution channel to improve as we make further progress on our efforts to gain share in the larger end of the power generation market.

modestly offsetting these headwinds is the expectation for our organic international business to grow and shipments into our industrial distribution channel to improve as we make further progress on our efforts to gain share in the larger end of the power generation market


over time, as we begin to be able to increase those collections as we said before, we'll let you know when that happens, but we're not going to preview that ahead of time. So I think that's one very important place.

over time as we begin to be able to increase those collections as we said before we'll let you know when that happens but we're not going to preview that ahead of time so i think that's one very important place


Most importantly, these strategies had very little to do with legacy KCG's primary mission of serving customers and has significantly deteriorated more recently in less volatile markets.

most importantly these strategies had very little to do with legacy kcg's primary mission of serving customers and had significantly deteriorated more recently in less volatile markets


We have been able to manage the capital base sufficiently through capital synergies by combining the businesses. However historical capital usage in the legacy KCG business was higher

we have been able to manage the capital base efficiently through capital synergies by combining the businesses however historical capital usage in the legacy kcg business was higher


So it's really a mixture of all of those things. I think also then about this whole question of continuing more for the medium to long term to see opportunities offshore. We've focused what we can do

so it's really a mixture of all of those things i think also then about this whole question of continuing more for the medium to long term to seed opportunities offshore we've focused what we can do


And we talked some about the misleading income claims. Pictures like these lavish lifestyle claims are not going to be permitted anymore. And it's going to be a sea change for the way that distributors try to sell the products.

and we talked some about the misleading income claims pictures like these lavish lifestyle claims are not going to be permitted anymore and it's going to be a sea change for the way that distributors try to sell the products


where would the average age of the portfolio be 12 months from now, relative to sort of the 19 months it currently is? I'm just trying to get a sense for the impact of

where would the average age of the portfolio be 12 months from now relative to sort of the 19 months it currently is just trying to get a sense for the impact of


Broadly, during the quarter, we did note some choppiness in the new home starts. However, we are relatively insulated by this as a large portion of our sales come from a robust repair and replacement cycle.

broadly during the quarter we did note some choppiness in the new home starts however we are relatively insulated by this as a large portion of our sales come from a robust repair and replacement cycle


Through the years, we have stated that our goal was to drive risk-adjusted returns and we have spoken at length about the pillars of our capital allocation strategy through our communication with the investment community.

through the years we have stated that our goal was to drive attracted risk-adjusted returns and we have spoken at length about the pillars of our capital allocation strategy through our communication with the investment community


Clearly, we're filling a try-before-you-buy market need, and we will continue to invest in the right titles across consoles to take advantage of this market opportunity and support the needs of our customers.

clearly we're filling a try before you buy market need and we will continue to invest in the right titles across consoles to take advantage of this market opportunity and support the needs of our customers


I'm not sure I can play connect the dots there. Maybe you could kind of go ahead and help us out and give us a little bit of color on exactly what happened there. Sure, absolutely. So if we look at the compliance side

i'm not sure i can play connect the dots there maybe you could kind of go ahead and help us out and give us a little bit of color on exactly what happened there sure absolutely so if we look at the compliance side


who they give security clearance to, we have to find that balance. And so some would say it's a good problem to have, I think we believe it's a pretty good problem to have. But it is

who they give security clearance to we have to find that balance and so some would say it's a good problem to have i think we believe it's a pretty good problem to have but it is


In summary, we delivered overall financial performance in line with our expectation and expect to deliver solid results for the year. I will now turn the call over to Tim. Thanks, Eric.

in summary we delivered overall financial performance in line with our expectation and expect to deliver solid results for the year i will now turn the call over to tim thanks eric


In addition to the work still to be completed in Shoals, my early assessment is that we have tremendous opportunity to take out material cost and better optimize our supply chain.

in addition to the work still to be completed in choles my early assessment is that we have tremendous opportunity to take out material cost and better optimize our supply chain


We never stopped innovating better products. We never stopped cultivating powerful consumer connections. We never stop identifying ways to be a better retail partner, and we've never stopped evolving our culture as a team.

we never stopped innovating better products we never stopped cultivating powerful consumer connections we never stopped identifying ways to be a better retail partner and we've never stopped evolving our culture as a team


But one thing will remain constant is our commitment to act decisively in order to create value for all stakeholders. And with that, I'll turn it over to Mike to review some key operating conclusions.

but one thing will remain constant is our commitment to act decisively in order to create value for all stakeholders and with that i'll turn it over to mike to review some key operating conclusions


Now if we include the growth of duty free and as well distributor markets that are handled mainly out of Switzerland

now if we include the growth of duty-free and as well distributor markets that are handled mainly out of switzerland


a result of our focus on meeting the needs of patients recovering from strokes and those suffering from a wide range of debilitating neurological conditions, conditions that are more prevalent in older adults.

a result of our focus on meeting the needs of patients recovering from strokes and those suffering from a wide range of debilitating neurological conditions conditions that are more prevalent in older adults


comment on the legal process and the case that we have going and have been working with for almost 3 years in Denmark. The court case has finally started. It started on the 10th of October.

comment on the legal process and the case that we have going and have been working with for almost 3 years in denmark the court case has finally started it started on the 10th of october


So there's a bunch of related features to the cash-back experience that we are working on. That cash-back actually is going to be live with some of our internal beta users beginning this quarter.

so there's a bunch of related features to the cash back experience that we are working on that cash back actually is going to be live with some of our internal beta users beginning this quarter


Furthermore, these customers also receive fixed mobile benefits offered within KPN Compleet. In SME, we see strong interest in our converted fixed mobile and IT services.

furthermore these customers also receive fixed mobile benefits offered within capiancomplais in sme we see strong interest in our convert fixed mobile and it services


that we have to deal with, I still think it's better more skewed towards the second half that these markets are fully starting to unlock their growth potential because a lot of the markets that we are in

that we have to deal with i still think it's better more skewed towards the second half that these markets are fully starting to unlock their growth potential because a lot of the markets that we are in


Additionally, strong cash generation, coupled with a healthy balance sheet, makes us very comfortable that we have ample resources to fund our capital expenditures, supporting both organic growth and productivity improvements,

additionally strong cash generation coupled with a healthy balance sheet makes us very comfortable that we have ample resources to fund our capital expenditures supporting both organic growth and productivity improvements


but they are fixable and we are the right team to fix them. Conagra has the capabilities to put Pinnacle's brands back on track and deliver for its customers and consumers and shareholders.

but they are fixable and we are the right team to fix them conagra has the capabilities to put pinnacle's brands back on track and deliver for customers and consumers and shareholders


And the growth in imaging kit recurring revenue is a little bit less than that 9%. It's -- the recurring revenue is driven a little bit more by DermACELL, and we talked about that a little bit at the Investor Day.

and the growth in imaging kit recurring revenue is a little bit less than that 9% the recurring revenue is driven a little bit more by dermalogica we talked about that a little bit at the investor day


where our relationships are, where the discussions are with those clients that have either statements of work or master services agreements coming up for renewal this year that we feel pretty good about where we are overall.

where our relationships are where the discussions are with those clients that have either statements of work or master services agreements coming up for renewal this year that we feel pretty good about where we are overall


Seriously though, I will say that for every investor who may share yours and my opinion on leverage, there's also one who's very concerned about increasing debt going into an uncertain economic environment.

seriously though i will say that for every investor who may share yours and mine opinion on leverage there's also one who is very concerned about increasing debt going into an uncertain economic environment


The Production Group OneStim hydraulic fracturing operations benefited from a full quarter of activity for the fleets reactivated in the third quarter as well as additional fleet redeployments in the fourth.

the production group one stim hydraulic fracturing operations benefited from a full quarter of activity for the fleets reactivated in the third quarter as well as additional fleet redeployments in the fourth


That, and there've been billions of dollars put into the space to create competitors that, rather than address it from the standpoint of just compress spreads and trying to protect market share, we actually decided to make our left and right goalposts wider.

that -- and there have been billions of dollars put into the space to create competitors that rather than address it from the standpoint of just compress spreads and try to protect market share we actually decided to make our left and right goalposts wider


a number of other factors have moved up on the agenda in Washington, and some of the more normal activities related to foreign export licenses have been somewhat delayed.

a number of other factors have moved up on the agenda in washington and some of the more normal activities related to foreign export licenses have been somewhat delayed


In light of our recent results and ongoing industry dynamics, we are taking immediate action on expenses to ensure that we become a more efficient organization for our clients and shareholders alike.

in light of our recent results and ongoing industry dynamics we are taking immediate action on expenses to ensure that we become a more efficient organization for our clients and shareholders alike


The Sycamore is quite a bit more immature for us. I think we're only going to do one well this year and some nonop penetrations. We're still learning about that, but I'm encouraged by what we see.

the sycamore is quite a bit more immature for us i think we're only going to do one well this year and some non-op penetrations we're still learning about that but i'm encouraged by what we see


a participant or sort of dictating the process? Because you as a REIT, you want to make sure that you have a use of proceeds at least to some degree line up over and above the seller financing idea?

a participant or sort of dictating the process because you as a reit you want to make sure that you have use of proceeds at least to some degree lined up over and above the solar financing idea


This year has been just as busy with the inauguration, party retreats, special elections, executive orders, hearings and confirmations and last night, the State of The Union address.

this year has been just as busy with the inauguration party retreats special elections executive orders hearings and confirmations and last night the state of the union address


First quarter adjusted EBITDA for Gas Cylinders up 13%, reflects the positive impact of the higher volume and pricing as well as productivity, which was a direct result of manufacturing improvement.

first quarter adjusted ebitda for gas cylinders up 13% reflects the positive impact of the higher volume and pricing as well as productivity which was a direct result of manufacturing improvement


And the integration teams are making good progress in detailing the previously announced synergies, operational synergy opportunities

and the integration teams are making good progress in detailing the previously announced synergy operational synergy opportunities


see that as a benefit to total cost of care for the populations. Actual purchase price may not be the lowest that's available, but due to the durability and reusability of products in that category we have very good business there.

see that as a benefit to total cost of care for the population actual purchase price may not be the lowest that's available but due to durability and reusability of products in that category we have very good business there


We had no new wells or recompletions during the quarter, and we continue to evaluate opportunities to divest our Mid-Continent assets and currently anticipate very little in the way of drilling activity and capital expenditures in our asset base.

we had no new wells or recompletions during the quarter and we continue to evaluate opportunities to divest our mid-continent assets we currently anticipate very little in the way of drilling activity and capital expenditures in our asset base


So those additional hires have been made and they haven't as you've noticed affected our comp ratio or hit EBITDA because it was done within our current growth scenario.

so those additional hires have been made and they haven't as you've noticed affected our comp ratio or hit ebitda because it was done within our current growth scenario


which we -- it's in the preclinical phase and we just completed that dosing study. So we have a high sense of confidence that we can freeze that product designed for the below-the-knee drug-coated balloon in

which we -- it's in the preclinical phase and we just completed that dosing study so we have a high sense of confidence that we can freeze that product designed for the below-the-nipple drug-coated balloon


We had become concerned about some of the weaknesses in our business that we reported to you in previous quarters, and we were concerned that the strategy we were following was not producing the results we wanted.

we had become concerned about some of the weaknesses in our business that we reported to you in previous quarters and we were concerned that the strategy we were following was not producing the results we wanted


we're not likely to have any major constructions. We are not planning any construction in terms of CapEx. So we're moving some of our branches

we are not likely to have any major constructions we are not planning any construction turns of tactics so we are moving some of our branches


In Supply Chain, we expect fourth quarter results to be below our prior expectations due to ongoing impact from the 2 accounts I mentioned earlier, although to a lesser extent than we saw in the third quarter.

in supply chain we expect fourth quarter results to be below our prior expectations due to ongoing impact from the 2 accounts i mentioned earlier although to a lesser extent than we saw in the third quarter


As a result, we have just renewed our normal course issuer bid and are actively planning to repurchase our stock. The renewed bid allows us to buy back up to 5.2 million shares over the next 12 months.

as a result we have just renewed our normal course issuer bid and are actively planning to repurchase our stock the renewed bid allows us to buy back up to 5 2 million shares over the next 12 months


I think an important one to keep a little bit in the back of your mind is, if you think about our growth rates last year first half versus second, our first half was stronger. The second one has somewhat of an easing comp base.

i think an important one to keep a little bit in the back of your mind is if you think about our growth rates last year first half was the second our first half was stronger the second one has somewhat of an easing comp base


As I noted in my comments about the strategic review process, the expertise and excellence of our China commercial team was very highly priced by the parties with which we engaged.

as i noted in my comments about the strategic review process the expertise and excellence of our china commercial team was very highly priced by the parties with which we engaged


Now let's turn to the rest of the insurance business. Home broking continues to be robust. albeit in a challenging market. Home is a more sticky product. It's one that we can differentiate more clearly.

now let's turn to the rest of the insurance business home broking continues to be robust albeit in a challenging market home is a more sticky product it's one that we can differentiate more clearly


As you all know, the recent period of low prices has also helped define those projects that will come to market, many of these projects we are involved in and have been for many years.

as you all know the recent period of low prices has also helped define those projects that will come to market many of these projects we are involved in and have been for many years


Similar to what we've done with personal loans, it's all about keeping people engaged to getting mortgage-free. This is also what we believe will drive long-term loyalty to Mogo as you'll be more likely to stay with a provider that is truly helping you achieve one of your biggest financial goals.

similar to what we've done with personal loans it's all about keeping people engaged to getting mortgage-free this is also what we believe will drive long-term loyalty to mogo as you'll be more likely to stay with the provider that is truly helping you achieve one of your biggest financial goals


as you know, having a good flow is critical to origination and we track our flow daily and understand the number of deals that are getting logged into the system.

as you know having a good flow is critical to origination and we track our flow daily and understand the number of deals that are getting logged into the system


They put us in the position to be able to position and prove our services as being formal, comprehensive and practical in the hands-on environment of construction management.

they put us in the position to be able to position and prove our services as being far more comprehensive and practical in the hands-on environment of construction management


not simply from losing accounts. We don't lose that many accounts. What happens often is that we do strike a new deal with those accounts, and in many cases we will be offering service for more employees

not simply from losing accounts we don't lose that many accounts what happens often is that we do strike a new deal with those accounts and in many cases we will be offering service for more employees


you just remind us again what the benefit on tax was this quarter? It seems quite a bit lower than I would have anticipated this quarter. The second question is

can you just remind us again what the benefit on tax was this quarter it seems quite a bit lower than i would have anticipated this quarter the second question is


from my natural habitat in which I lived and worked for the last 28 years. Apart from a very short period, I've always worked in the market in many countries very close to the consumer.

from my natural habitat in which i lived and worked for the last 28 years apart from a very short period i've always worked in the market in many countries very close to the consumer


In addition, as discussed in our year-end call, our plans accounted for the sale of the Auto Todo business. We can report we successfully closed on the sale of this business in the month of March.

in addition as discussed in our year-end call our plans accounted for the sale of the autototal business we can report we successfully closed on the sale of this business in the month of march


we would be competing, we were competing heavily of course with surplus liquidity banks but also with wholesale funded institutions who are able to compete and bring down the rates for the last 1 year.

we will be competing -- we were competing heavily of course with surplus liquidity banks but also with wholesale funded institutions who are able to compete and bring down the rates for the last 1 year


We had a higher level of revenue during the first quarter but also higher noninterest expense primarily associated with the expenses related to the noted increases in variable compensation costs.

we had a higher level of revenue during the first quarter but also higher noninterest expense primarily associated with expenses related to the noted increases in variable compensation costs


because I think we got ways to go before we can really get out of this. And for those companies to be able to pick back up and start back. You'll notice our energy reserve portfolio went up,

because i think we've got a ways to go before we can really get out of this and for those companies to be able to pick back up and start back you'll notice our energy reserve portfolio went up


And with the miracle of compounding, these are still pretty attractive deals. And I think as a consequence, that's why we're continuing to see the development pace be as strong as it is.

and with the miracle of compounding these are still pretty attractive deals and i think as a consequence that's why we're continuing to see the development pace be as strong as it is


right? And so that you would be getting the feeding commissions back on that business, which would offset the acquisition costs. And I just want to think about how that would feed into your run rate expense ratio?

right and so that you would be getting the ceding commissions back on that business which would offset the acquisition costs and i just want to think about how that would feed into your run rate expense ratio


on a charging network throughout most of our core markets in Europe. So for those customers, particularly those on the interstates and highways, we'll be there to provide that service for them. And then certainly, we're exploring other ways to

on a charging network throughout most of our core markets in europe so for those customers particularly those on the interstates and highways we'll be there to provide that service for them and then certainly we're exploring other ways to


just a bit more color around kind of initial goal, steps for integration there once the deal does close. What sort of feedback or initial excitement have you been hearing from your sales force there?

just a bit more color around kind of initial goals steps for integration there once the deal does close what sort of feedback or initial excitement have you been hearing from your sales force there


it is a misleading indicator if you look upon a volume growth or decline within a given quarter. It is truly related to how and where we release a product and to which volume and to which way we will release the

it is a misleading indicator if you look upon a volume growth or decline within a given quarter it is totally related to how and where we release a product and to which volume and to which way we will release the product


exploring new sources of revenue and preparing the workforce for the future. We're making good progress on all 4 areas of focus, and I'd like to share a few highlights from the latest quarter.

exploring new sources of revenue and preparing the workforce for the future we're making good progress on all 4 areas of focus and i'd like to share a few highlights from the latest quarter


We expect a significant drop in inventory. We have built inventory over the front half of this year, and with the strong fourth quarter we expect to see, we should see significant burn-off

we expect a significant drop in inventory we've -- we have built inventory over the front half of this year and with the strong fourth quarter we expect to see we should see significant burn-off


we call, I guess, the industry calls ready pack and a move to ready pack, where it's in some sort of case display, and it's easily put on to the shelf, so a lot of the businesses may be moving in that direction.

we call i guess the industry calls ready pack and a move to ready pack where it's in some sort of case display and it's easily put onto the shelf so a lot of the businesses may be moving in that direction


I can't guarantee what happens in the economy, in policy circles or in our markets, but I'm happy to be transparent with you and let you make your own judgments about the external factors.

i can't guarantee what happens in the economy in policy circles or in our markets but i'm happy to be transparent with you and let you make your own judgments about the external factors


Yeah, Jim, I would say that the cost of the fleets are going to really depend on the configuration because we can just rent silos only or we can also rent silos with what we call our quick load, which allows for

yes jim i would say that the cost of the fleets are going to really depend on the configuration because we can just rent silos only or we can also rent silos with what we call our quick load which allows for


Now naturally, there are always areas that we may look at both from a partnership, organic and inorganic standpoint but it's not something I'm really comfortable talking about on the open mic because that's really indicating future direction

now actually there are always areas that we may look at both from a partnership organic and inorganic standpoint but it's not something i'm really comfortable talking about on the open mike because that's really indicating future direction


An area of uncertainty is new limitations on the deduction -- or deductibility of interest expense. Until regulations are published, it is unclear how these limitations may apply to internal debt structures.

an area of uncertainty is new limitations on the deduction or deductibility of interest expense until regulations are published it is unclear how these limitations may apply to internal debt structures


Thank you, and good morning. Before we get started today, I'd like to remind everyone that some of the statements that we will make on this call may be forward-looking in nature and reflect a number of known and unknown risks.

thank you and good morning before we get started today i'd like to remind everyone that some of the statements that we will make on this call may be forward-looking in nature and reflect a number of known and unknown risks


Another one, the PRAIRIE program, where we are the only utility participating to this new ecosystem, gathering the best players around IA issues and solutions.

another one la previe program where we are the only utility participating to this new ecosystem gathering the best players around ia issues and solutions


Investing for growth is our top objective, and this regional distribution center positions us to grow -- continue growing in the downstream sector, an important end market where we have a clear leadership position.

investing for growth is our top objective and this regional distribution center positions us to grow -- continue growing in the downstream sector an important end market where we have a clear leadership position


we're seeing our rate actions exceed loss trends. But unfortunately, there's been some adverse weather that's been holding us back at bit. But we will continue to take rate as needed. We continue to focus on our underwriting

we're seeing our rate actions exceed loss trends but unfortunately there's been some adverse weather that's been holding us back a bit but we will continue to take rate as needed we continue to focus on our underwriting


growth driver. And in the past, I think China has been a pretty big part of that. So could you maybe talk about which products you may already be seeing pressures on or what you think might be at risk going forward?

growth driver and in the past i think china has been a pretty big part of that so could you maybe talk about which products you may already be seeing pressures on or what you think might be at risk going forward


These factors continued to put greater pressure on our liquidity and absent a timely resolution of the immediate working capital requirements, the company could encounter product shipment delays, which would adversely impact the business.

these factors continue to put greater pressure on our liquidity and absent a timely resolution of the immediate working capital requirements the company could encounter product shipment delays which would adversely impact the business


calls, would we reduce the price in order to make the deal more accretive, given that the cost of capital is higher at the MLPs? And that actually isn't what we prefer. I think our shareholders

on the calls would we reduce the price in order to make the deal more accretive given that the cost of capital is higher at the mlps and that actually isn't what we prefer i think our shareholders


So we did identify some potential partners, and one partner in particular brought in several things that they saw, and we've applied just a few of those in these first wells, and you can see the performance is great.

so we did identify some potential partners and one partner in particular brought in several things that they saw and we've applied just a few of those in these first wells and you can see their performance is great


I would expect other finance charges to increase next year with higher pension costs and the recognition of the increase in value of Zacapa. Our adjusted net debt-to-EBITDA ratio

i would expect other finance charges to increase next year with higher pension costs and the recognition of the increase in value of secapa our adjusted net debt to ebitda ratio


And the important thing to manage here is making sure before the northern hemisphere crop is harvested, we hedge our prices and contract out as much as possible of the fruit -- the vine fruit.

and the important thing to manage here is making sure before the northern hemisphere crop is harvested we hedge our prices and contract out as much as possible of the fruit -- the vine fruit


Profitability came in slightly below our expectations in the quarter due to the delayed programs I mentioned a moment ago and increased investment in agent staffing in some tighter labor markets.

profitability came in slightly below our expectations in the quarter due to the delayed programs i mentioned a moment ago and increased investment in agent staffing in some tighter labor markets


I think it highlights the very different place we are in as a company with our model. So to your second part of your question, do I think it's going to

but i think it highlights the very different place we are in as a company with our model so to your second part of your question do i think it's going to


This financial performance reflects what we have experienced since the start of fiscal 2017. We have seen limited growth while making investments in our service capabilities for our clients.

this financial performance reflects what we have experienced since the start of fiscal 2017 we have seen limited growth while making investments in our service capabilities for our clients


One of the primary needs for such companies is to understand the usage of contractors from the business model perspective. And we have great depth of experience in this area.

one of the primary needs for such companies is to understand the usage of contractors from the business model perspective and we have great depth of experience in this area


and systems and I realize it's different in every bank. How -- I mean would you say that, that number is in line with your thinking and then how far you are or is there a different number or can you give us any kind of color?

and systems and i realize it's different in every bank how -- i mean would you say that that number is in line with your thinking and then how far you are or is there a different number or can you give us any kind of color


Our recent joint venture with LHC Group brings our company to another level of focus on home health and hospice and enhances our opportunity to grow this portion of our business.

our recent joint venture with lhc groups brings our company to another level of focus on home health and hospice and enhances our opportunity to grow this portion of our business


that can produce 50,000 different SKUs in the wheel business and there's no one out in the world that has the range

that can produce 50 000 different sqs in the wheel business and there's no one else in the world that has the range


the quality of their core acreage positions and a relatively attractive economics of developing the reserves. So for the key players that we deal with on a daily basis, the commitment to the basin continues to be very strong.

the quality of their core acreage positions and the relatively attractive economics of developing their reserves so for the key players that we deal with on a daily basis the commitment to the basin continues to be very strong


Besides pressure-testing these individual forecasts, we have taken a hard look at our historic and projected ramp rates from a macro perspective through the remaining quarters of the year,

besides pressure testing these individual forecasts we have taken a hard look at our historic and projected ramp rates from a macro perspective through the remaining quarters of the year


Our vision is to be the preeminent community financial services company in our multicultural market area by exceeding customer expectations and leveraging our strong banking relationships.

our vision is to be the preeminent community financial services company in our multicultural market area by exceeding customer expectations and leveraging our strong banking relationships


Retirement and Individual Annuities businesses. And while results of the quarter benefited from items that are inherently variable, the earnings power of our businesses continues to trend higher.

retirement and individual annuities businesses and while results in the quarter benefited from items that are inherently variable the earnings power of our businesses continues to trend higher


especially in regards to the ramp-up of the APP mill. So what have you been hearing about the ramp-up speed of that mill? If you hear from your agents or clients

especially in regards to the ramp-up of the apt mill so what have you been hearing about the ramp-up speed of that mill if you hear from your agents or clients


a related question we often get is that as we have accelerated the number of net new actives, do we see any deterioration in the quality of those cohorts? Do they mature more slowly? Are they less active?

a related question we often get is that as we have accelerated the number of net new actives do we see any deterioration in the quality of those cohorts do they mature more slowly are they less active


sales is one component of the equation. Obviously, retention is the other component of the equation and how the pieces of that fit together when we put together a plan tells me where sales growth

sales is one component of the equation obviously retention is the other component of the equation and how the pieces of that fit together when we put together a plan tells me where sales growth


So as I just mentioned, the guidance that I discussed doesn't include any impact from Advance Partners. So when we close, this is what the anticipate.

so as i just mentioned the guidance that i discussed doesn't include any impact from advanced partners so when we close this is what we anticipate


a -- part of the value chain that's going to have to grow in order to continue to export. And we think the majority of the incremental production is going to be exported.

one part of the value chain that's going to have to grow in order to continue to export and we think the majority of the incremental production is going to be exported


we have made significant business progress in the first half of the year with a strong start to the group's latest strategic plan, and we have, again, delivered strong financial performance and capital build.

we have made significant business progress in the first half of the year with a strong start to the group's latest strategic plan and we have again delivered strong financial performance and capital growth


even our Montana markets, where last year, we got out to a good early start in February, and we really didn't even get going in those markets until about

even our montana markets where last year we got out into a good early start in february and we really didn't even get going in those markets until about


Based on the reaction from our distribution partners and sales team, we are confident that it will receive excellent market response in the niche market it addresses when it is introduced.

based on the reaction from our distribution partners and sales team we are confident that it will receive excellent market response in the niche market it addresses when it is introduced


low double digits really is quite good. It's excellent, but I don't hear anything from you now that suggests it goes to 0 at the back end of the year, which is what it needs to do to average of what you're talking about.

low double digits really is quite good it's excellent but i don't hear anything from you now that suggests it goes to 0 at the back end of the year which is what it needs to do to average at what you're talking about


giving our customers the ability to compare their performance in key fundraising metrics against their peers. This is unique to Blackbaud. These capabilities not only provide customers with performance insight

giving our customers the ability to compare their performance in key fundraising metrics against their peers this is unique to blackbaud these capabilities not only provide customers with performance insight


We, along with Delek through the JV, have decided to terminate our agreement to acquire the Amid terminal assets because there was no assurance we could overcome the regulatory obstacles from the FTC's review.

we along with delec through the jv have decided to terminate our agreement to acquire the amid terminal assets because there was no assurance we could overcome the regulatory obstacles from the ftc's review


No, I think what you have to assume is that if we divest an ethanol plant, there is a contract that we would have to then monetize back to the partnership. The partnership would then get cash back that they can do

no i think what you have to assume is that if we divest an ethanol plant there's a contract that we would have to then monetize back to the partnership the partnership would then get cash back that they can do


in Q4. In Q1, we are continuing to buy our shares, so we are executing that program. We believe it is a good investment at this time for our capital to buy back our own shares.

in q1 we are continuing to buy our shares so we are executing that program we believe it is a good investment at this time for our capital to buy back our own shares


for at least couple years to say that, inevitably there will be a step-down at some point in time. That's, I would say, somewhat predictable, probably not within a specific quarter but certainly within a couple of quarters, we have a pretty good sense for that.

for at least a couple of years to say that inevitably there will be a step down at some point in time that's i would say somewhat predictable probably not within a specific quarter but certainly within a couple of quarters we have a pretty good sense for that


These investments demonstrate Commercial Trailer Products' commitment to continue to grow and diversify the business organically by expanding their focus into adjacent transportation markets from those we presently serve

these investments demonstrate commercial trailer product commitment to continue to grow and diversify the business organically by expanding their focus into adjacent transportation markets from those we presently serve


A number of investments are being made, especially in downstream, including several construction projects, aimed at increased petrochemical supply.

a number of investments are being made especially in downstream including several construction projects aimed at increased petrochemical supply


that are targeted towards the visualization of certain specific anatomies. These new technologies will not replace what we do today but add on to our capabilities.

that are targeted towards the visualization of certain specific anatomies these new technologies will not replace what we do today but add on to our capabilities


We assume no obligation and do not currently intend to update any such forward-looking statements. If this call is reviewed after today, the information presented during the call may not contain current or accurate information.

we assume no obligation and do not currently intend to update any such forward-looking statements if this call is reviewed after today the information presented during the call may not contain current or accurate information


coy when I know there's lots of questions. But the simple reality of the competitive dynamic is an important priority for us to factor in now as we think about how much we share. But what I can tell you, and what we said explicitly in the comments,

when i know there's lots of questions but the simple reality of the competitive dynamic is an important reality for us to factor in now as we think about how much we share but what i can tell you and what we said explicitly in the comments


We see positive trends in this area. Redbubble's ever-growing collection of content leads into the second phase of the marketplace flywheel, the ability to discover content that is personally relevant to the individual user.

we see positive trends in this area redbubble's ever-growing collection of content leads into the second phase of the marketplace flywheel the ability to discover content that is personally relevant to the individual user


Secondly, on APAC. I'm just wondering if it might be premature to ask the question having sort of just got back into quarterly profit, but can you just touch on the things that

secondly on apac i'm just wondering if it might be premature to ask the question having sort of just got back into quarterly profit but can you just touch on the things that


overall advances in productivity across each of our businesses really helped drive operating leverage as well. So each of those were the real drivers of the operating and the financial improvements over the quarter.

overall advances in productivity across each of our businesses really help drive operating leverage as well so each of those were the real drivers of the operating and financial improvements over the quarter


With our increased stake in Syncrude already generating strong returns and Fort Hills and Hebron are progressing to completion, Suncor is growing both quickly and profitably.

with our increased stake in syncrude already generating strong returns and fort halse and hebron are progressing to completion suncor is growing both quickly and profitably


Today, I will provide an overview of our main priorities and recent performance before turning the call over to Bob to discuss the Q4 and fiscal year financial results in more detail.

today i will provide an overview of our main priorities and recent performance before turning the call over to bob to discuss the q4 and fiscal year financial results in more detail


Stone products are particularly attractive for The Tile Shop since we carry many of the trend pieces, accessories and maintenance products that they require. They also tend to sell for a higher price point per square foot than man-made products.

stone products are particularly attractive for the tile shop since we carry many of the trim pieces accessories and maintenance products that they require they also tend to sell for a higher price point per square foot than man-made products


Terminal 4 will be -- moving on to your second question, Terminal 4 will be fully FAST travel enabled for passengers to do self check-in and self bag drop, which will be helpful for us because that helps us to be more productive.

terminal 4 will be -- moving on to your second question terminal 4 will be fully fast travel enabled for passengers to do self-check-in and self-bag drop which will be helpful for us because that helps us be more productive


We've also announced recently that we will be able to set up a cargo operation in Dammam, which is in the Eastern province of Saudi Arabia.

we've also announced recently that we will be able to set up a cargo operation in damam which is in the eastern province of saudi arabia


While the 2016 revenue performance may not fully reflect our integration and sales efforts, the commitment I see from our colleagues throughout the organization and the steps we've taken to build the framework for long-term success

while the 2016 revenue performance may not fully reflect our integration and sales efforts the commitment i see from our colleagues throughout the organization and the steps we've taken to build the framework for long-term success


in the first quarter of last year. Unbilled receivables increased primarily due to milestones that we achieved during the quarter, on our ongoing project with Quickline that will be invoiced in the second quarter.

in the first quarter of last year unbilled receivables increased primarily due to milestones that we achieved during the quarter on our ongoing project with quickline that will be invoiced in the second quarter


Although product revenue was down from the prior year quarter, we have visibility into a strong pipeline of product deals related to both Adrenalin software license sales and Axiom to Adrenalin migrations.

although product revenue was down from the prior year quarter we have visibility into a strong pipeline of product deals related to both adrenalin software license sales and axiom2 adrenalin migrations


to continue that drilling program beyond HBP. And I think what the team is looking at now is identifying where the best pads are in the field that we can go back to

to continue that drilling program beyond hbp and i think what the team is looking at now is identifying where the best pads are in the field that we can go back to


Of course, now that the business will be put up for sale, maybe you can comment on your interest level, how their wholesale operations might fit with your own, and whether or not you could pick up extra synergies by skipping up that business?

of course now that the business will be put up for sale maybe you can comment on your interest level how their wholesale operations might fit with your own and whether or not you could pick up any additional synergies by scooping up that business


As we did with TheStreet, we were able to assist this company in removing that overhang. As we were doing that, Turtle Beach business took off due to the popularity of the game Fortnite, and

as we did with the street we were able to assist this company in removing that overhang as we were doing that turtle beach business took off due to the popularity of the game fortnite


We will walk -- we'll talk further about the terms of this credit agreement in a few moments. Lastly, we're excited to announce that we finally finalized the amendments to the BVI Water Purchase agreement

we will walk -- we'll talk further about the terms of this credit agreement in a few minutes lastly we are excited to announce that we finally finalized the amendments to the bvi water purchase agreement


Work should begin with our new managed services clients over the next few months. Note that our recurring revenues for the year will be a little uneven, primarily due to the timing of new software license subscriptions

work should begin with our new managed services clients over the next few months note that our recurring revenues for the year will be a little uneven primarily due to the timing of new software license subscriptions


We and many key opinion leaders in HBV see these data as the first proof of concept that an RNAi compound can potentially lead to an awakening of the immune system in HBV patients and eventual functional cure.

we and many key opinion leaders in hbv see these data as the first proof of concept that an rnai compound can potentially lead to an awakening of the immune system in hbv patients and eventual functional cure


I have personally spoken with some of these young patients who have told me they were shocked and in disbelief when they were diagnosed with the disease, and they were told that they may need a corneal transplant.

i have personally spoken with some of these young patients who have told me they were shocked and in disbelief when they were diagnosed with the disease and they were told that they may need a corneal transplant


right? And then where we would bring in a Perficient, as Rob was saying, usually if it's initial sale, a new customer and we're doing kind of that initial implementation or what we call a dojo, Pivotal would provide that service.

right and then where we would bring in a proficient as rob was saying usually if it's initial sale a new customer and we're doing kind of that initial implementation or what we call a dojo pivotal would provide that service


I talked before about how we operated Crane with a prescriptive and rigorous disciplined cadence of management activities focused on continuous improvement. This focus results in consistency of execution across the cycle.

i've talked before about how we operate crane with a prescriptive and rigorous disciplined cadence of management activities focused on continuous improvement this focus results in consistency of execution across the cycle


As a reminder, due to the decrease in our balance sheet obligations associated with our teach-out campuses, we expect more of our operating income dollars to result in positive operating cash flows.

as a reminder due to the decrease in our balance sheet obligations associated with our teach-out campuses we expect more of our operating income dollars to result in positive operating cash flows


instead of selling, I think our refinancing strategy is more programmatic and less focused on the alternative of selling select or refinancing all of the select

instead of selling i think our refinancing strategy is more programmatic and less focused on the alternative of selling select or refinancing all of the select


Let me reiterate some of our guidelines. For competitive reasons, we do not comment on specific individual product line profitability other than in general terms, nor do we disclose components of cost of sales, for example, copper.

let me reiterate some of our guidelines for competitive reasons we do not comment on specific individual product line profitability other than in general terms nor do we disclose components of cost of sales for example copper


we are going to build on our momentum to diversify our specialty pharmacy portfolio initially targeting oncology, rheumatoid arthritis and HIV, and Tim will speak to the details in a few minutes.

we are going to build on our momentum to diversify our specialty pharmacy portfolio initially targeting oncology rheumatoid arthritis and hiv and tim will speak to the details in a few minutes


We plan to continue to manage our cost structure responsibly so that our growth rate of profit exceeds our growth rate of sales. And with that, I'd like to turn it back to Mindy. Thanks, Nick.

we plan to continue to manage our cost structure responsibly so that our growth rate of profit exceeds our growth rate of sales and with that i'd like to turn it back to mindy thanks nick


we may enter into in connection with the development and commercialization of inclisiran. As a result of these evolving events and circumstances and their potential impact on our revenues and expenses,

we may enter into in connection with the development and commercialization of inclisiran as a result of these evolving events and circumstances and their potential impact on our revenues and expenses


Regarding other government rate hikes and their impacts, well it could be other factors that we are not able to actually account for now. Next question from NH Investment

regarding other government rate hike and their impacts well it could be other factors that we are not able to actually account for now next question from nh investment inc


prospects and upsell opportunities and cross-sell opportunities in existing clients. So all of these things, as I endeavored, are trying to build upon one another and be multiple struts in the wheel

prospects and upsell opportunities and cross-sell opportunities in existing clients so all of these things as i endeavored are trying to build upon one another and be multiple struts in the wheel of


and is the only independent terminal capable of receiving from, delivering to and transferring refined petroleum products between the Colonial and Plantation pipeline systems,

and is the only independent terminal capable of receiving from delivering to and transferring refined petroleum products between the colonial and plantation pipeline systems


we are having those type of discussions. And I think there's just -- as I described earlier, there's a little bit of a lag. There's typically a lag with respect to net additions and the returns that we've delivered over the past 12 months.

we are having those type of discussions and i think there's just as i described earlier there's a little bit of a lag there's typically a lag with respect to net additions and the returns that we've delivered over the past 12 months


Yes. Certainly, that is not what occurred in the second quarter, but in terms of over the long term, we absolutely still remain committed to those kind of goals. And we see that in the pipeline of the products and

yes certainly that is not what occurred in the second quarter but in terms of over the long term we absolutely still remain committed to those kind of goals and we see that in the pipeline of the products and


The one thing we do have the ability to do is typically get about a 90-day lock. And so right now, we're again buying smartly and locking for those 90 days when we have the ability to see a

the one thing we do have the ability to do is typically get about a 90-day lock and so right now we're again buying smartly and locking for those 90 days when we have the ability to see


I am sure you would agree that without the agreement of the FDA, we will not be able to release any data before the study is completed in 2 years.

i am sure you would agree that without the agreement of the fda we will not be able to release any data before the studies completed in 2 years


Each group has expressed high interest in becoming long-term investors in FibroGen parent company common stock. Recent discussions focused on this financing round to support the scale of resources supporting our expected growth,

each group has expressed high interest in becoming long-term investors in fibrogen parent company common stock recent discussions focused on this financing round to support the scale of resources supporting our expected growth


I'd like to wish everyone a good afternoon and evening and a very calm and enjoyable move into summer in the next couple of months. Thank you for being on this call.

i'd like to wish everyone a good afternoon and evening and a very calm and enjoyable move into summer in the next couple of months thank you for being on this call


We have deployed voice PoPs in Australia, Japan, China, and other locations around the world. This allows enterprises to keep their calls in region ensuring high voice quality, low latency, and optimal cost.

we have deployed voice pops in australia japan china and other locations around the world this allows enterprises to keep their calls in region ensuring high voice quality low latency and optimal cost


Looking forward, we have an active pipeline of acquisition opportunities in various stages of discussion, including both independently owned and trade association-owned shows that we will continue to pursue aggressively.

looking forward we have an active pipeline of acquisition opportunities in various stages of discussion including both independently owned and trade association owned shows that we will continue to pursue aggressively


In addition, we incur costs associated with employee training, permits and licenses and certain maintenance improvements in the earlier months of our ownership of new sites, further burdening our results.

in addition we incur costs associated with employee training permits and licenses and certain maintenance improvements in the earlier months of our ownership of new sites further burdening our results


A full description of the limitations and using non-GAAP financial measures and the adjustments made to derive our non-GAAP operating income and adjusted book value is included in the earnings release.

a full description of the limitations in using non-gaap financial measures and the adjustments made to derive our non-gaap operating income and adjusted book value is included in the earnings release


she can start to sell shares in the market that was a collapse in the price of the shares. And after the cancellation of a sale process in Clal, the shares decreased a lot

she can start to sell shares in the market that was a collapse in the price of the shares and after the cancellation of a sell processing plan the shares decreased a lot


We substantially ramped up our sales volume through our Van Hook Terminal and we began manufacturing our first well site storage system fleets to be deployed in the field under our service model.

we substantially ramped up our sales volume through our van hook terminal and we began manufacturing our first wellsite storage system fleets to be deployed in the field under our service model


Importantly, these initiatives are within our control and largely and by that we mean they are within the existing building envelope or land parcels that we already control or own and many of them because they're within our existing building envelope,

importantly these initiatives are within our control and largely and by that we mean they're within the existing building envelope or land parcels that we already control or own and many of them because they're within our existing building envelope


what happened in the life business, we have a lower frequency of deaths of the insureds and co-insureds. On the other hand, we have lower payments for

what happened in the life business we have a lower frequency of deaths of the insureds and co-insureds on the other hand we have lower payments for


matches the recent revenue mix, but would like some confirmation there. And then a greater interest, given the significant size of the installed base is what you've seen

matches the recent revenue mix but would like some confirmation there and then of greater interest given the significant size of the installed base is what you've seen


Global Power segment had a good quarter, with a 19% increase in gross profit, that was driven by higher volume and upside provided from a couple of well-executed projects that are nearing completion.

the global power segment had a good quarter with a 19% increase in gross profit that was driven by higher volume and upside provided from a couple of well-executed projects that are nearing completion


In terms of product, we've again launched a number of new tools and features during the period, which drive a significant opportunity to further engage with both our consumers and our partners.

in terms of product we've again launched a number of new tools and features during the period which drives a significant opportunity to further engage with both our consumers and our partners


Now we are largely aligned, and that's why retailers give us such high marks because when you talk to PepsiCo, you have an aligned system on snacks and beverages that serves the retailer very well.

now we are largely aligned and that's why retailers give us such high marks because when you talk to pepsico you have an aligned system on snacks and beverages that serves the retailer very well


The model has been very successful not only in producing a good outcome but also in adapting to changing conditions, as we also experience today.

the model has been very successful not only in producing a good outcome but also in adapting to changing conditions as we also experienced today


between renewable and conventional generation and 4% from other businesses such as commercialization, services and other businesses that are growing in the company.

between renewable and conventional generation and 4% from other businesses such as commercialization services and other businesses that are growing in the company


Smirnoff is up 2%. We are continuing to focus on recruiting millennial consumers through the brand's inclusivity message, positioning the brand at the right price and providing standout packaging.

smirnoff is up 2% we are continuing to focus on recruiting millennial consumers through the brand's inclusivity message positioning the brand at the right price and providing standout packaging


I don't think you're going to spend quite that much in some of your new series. But could you talk about what you spend on content and the ways you have to manage your content acquisition and creation costs?

i don't think you're going to spend quite that much on some of your new series but could you talk about what you spend on content and the ways that you have to manage your content acquisition and creation costs


I would divide between where is the prices now and what is the impact on our contracts, which are 2 different things. We sort of think we are at the bottom of the cycle of price declines.

i would divide between where is the prices now and what is the impact on our contracts which are 2 different things we sort of think we are at the bottom of the cycle of price declines


Such statements are subject to known and unknown risks and uncertainties that could cause the company's actual results to differ materially from those set forward in the forward-looking statements.

such statements are subject to known and unknown risks and uncertainties that could cause the company's actual results to differ materially from those set forward in the forward-looking statements


about how the immune system will respond to different potential antigens. But the evidence is that these in silico tools only have a 20% to 30% predictive power

about how the immune system will respond to different potential antigens but the evidence is that these in silico tools only have a 20% to 30% predictive power


sure it's a question that you're -- well, you should be getting at this point. Sure. This is probably the same answer that we have even before this because we had relatively large amount of

i'm sure it's a question that you're -- well you should be getting at this point sure this is probably the same answer that we have even before this because we had relatively large amount of


They specialize in helping clients streamline warehouse and distribution operations to meet the growing demand for online commerce and supply chain solutions.

they specialize in helping clients streamline warehouse and distribution operations to meet the growing demand for online commerce and supply chain solutions


by the consent agreement we entered into the Competition Bureau as part of the Canwest acquisition. Both transactions are subject to approval of the Competition Bureau and other customary closing conditions.

by the consent agreement we entered into the competition bureau as part of the canwest acquisition both transactions are subject to approval of the competition bureau and other customary closing conditions


Our integration teams are focused on ensuring we realize the expected synergies from our transactions and refining our integration processes to support recent and future acquisitions.

our integration teams are focused on ensuring we realize the expected synergies from our transactions and refining our integration processes to support recent and future acquisitions


Based on the court's determination, we stand ready to close. Funding is in place even after we settle the special mandatory redemption bonds. There's not much more we can add at this point.

based on the court's determination we stand ready to close funding is in place even after we settle the special mandatory redemption bonds there's not much more we can add at this point


Management believes that these non-GAAP measures provide incremental information useful in understanding the cash flows and operating performance of the company. The EBITDA measurements are also required and evaluated by our lenders.

management believes that these non-gaap measures provide incremental information useful in understanding the cash flows and operating performance of the company the ebitda measurements are also required and evaluated by our lenders


second part of January and we didn't have anything in the fourth quarter. So forest fires shouldn't have affected by anything in our fourth quarter results.

second part of january and we didn't have anything in the fourth quarter so forest fires shouldn't have affected by anything in our fourth quarter results


To date, U.K. is not seeing significant changes in customer buying behavior even with the uncertainty related to timing and terms of Brexit. We also continue to see excellent referral progress.

today u k is not seeing significant changes in customer buying behavior even with the uncertainty related to timing and terms of brexit we also continue to see excellent referral progress


We've -- internally, we can support -- organically, we can support about 10% to 12% annual loan growth organically just from the earnings that the portfolio generates. So it's always been

we've -- internally we can support -- organically we can support about 10% to 12% annual loan growth organically just from the earnings that the portfolio generates so it's always been


The structure of the deal also allows our shareholders to benefit in the combined synergies that the 2 entities create as well as participate in the future growth

the structure of the deal also allows our shareholders to benefit in the combined synergies that the 2 entities create as well as participate in the future growth


So the third quarter was actually quite strong on a seasonal basis as you would imagine the summer months are always a little slower compared to the second quarter, and therefore, even the fourth quarter.

alex so the third quarter was actually quite strong on a seasonal basis as you would imagine the summer months are always a little slower compared to the second quarter and therefore even the fourth quarter


As previously announced, Red Rock Resorts, Inc. has filed a registration statement with the Securities and Exchange Commission relating to the proposed Initial Public Offering of class A common stock of Red Rock Resorts, Inc.

as previously announced red rock resorts inc has filed a registration statement with the securities and exchange commission relating to the proposed initial public offering of class a common stock of red rock resorts inc


In addition, certain costs and earnings of employee benefit plans, such as pension and other post-retirement, are included in corporate and not allocated to the operating segments.

in addition certain costs and earnings of employee benefit plans such as pension and other post-retirement are included in corporate and not allocated to the operating segments


Most recently, we received a notice of allowance in the People's Republic of China for another key patent relating to our innovative metallic fuel design, which represents the company's fourth patent in China,

most recently we received a notice of allowance in the people's republic of china for another key patent relating to our innovative metallic fuel design which represents the company's fourth patent in china


We continued to build on momentum we had on scotch in fiscal '17, growing net sales 3%. This solid performance was delivered while working through headwinds in some of our markets.

we continued to build on momentum we had on scotch in fiscal '17 growing net sales 3% this solid performance was delivered while working through headwinds in some of our markets


and the presence of a RAS mutation who have received at least 1 prior line of therapy and no more than 2 prior lines of therapy. And the trial contains a Phase Ib study to determine the maximum tolerated dose

and the presence of a ras mutation who have received at least one prior line of therapy and no more than two prior lines of therapy the trial contains a phase 1b study to determine the maximum tolerated dose


the high productivity growth that we see among our consultants is ensuring that the income opportunity that our consultant receives from participating in the Oriflame community is getting stronger.

the high productivity growth that we see among our consultants is ensuring that the income opportunity that our consultants receives from being participating in the rfm community is getting stronger


Dice as the go-to resource to find and connect with the best talent, we have a variety of initiatives that will drive Dice forward, including ongoing investment in product and marketing to raise brand awareness and deliver innovative tools for customers.

dice is the go-to resource to find and connect with the best talent we have a variety of initiatives that will drive dice forward including ongoing investment in product and marketing to raise brand awareness and deliver innovative tools to customers


and will allow us to quickly progress the project through 2016. We are also focused on developing this new project with the same care and consideration we apply to our Orca Quarry in concert with our First Nation partners.

and will allow us to quickly progress the project through 2016 we are also focused on developing this new project with the same care and consideration we apply to our orca quarry in concert with our first nation partners


in front of us. And so there's work to be done, and the thing that'll tell all of it is when you see the great product that compels you to want to buy. And we're proud to see consumers making those choices a lot more for this brand right now.

in front of us and so there's work to be done and the thing that'll tell all of it is when you see the great product that compels you to want to buy and we're proud to see consumers making those choices a lot more for this brand right now


Although service revenues are lower year-on-year, we see that the customer lifetime value per subscriber is actually improving again since the 1st of May, driven by the factors I just mentioned.

although service revenues are lower year-on-year we see that the customer lifetime value per subscriber is actually improving again since the 1st of may driven by the factors i just mentioned


And just sort of from listening to the commentary, you took your fair share of political dollars that were in your market and implies that your ratings are probably holding up. Just wondering if that's a fair statement?

and just from listening to the commentary you took your fair share of political dollars that were in your market and implies that your ratings are probably holding up just wondering if that's a fair statement


With regard to non-GAAP financial metrics, while we believe them to be helpful in understanding MobileIron's financial performance, they are not meant to be considered in isolation or as a substitute for the comparable GAAP metrics.

with regard to non-gaap financial metrics while we believe them to be helpful in understanding mobileiron's financial performance they are not meant to be considered in isolation or as a substitute for the comparable gaap metrics


We haven't publicly disclosed the exact size and impact of this discontinued specialty account, other than disclosing that it was significant in size and that it didn't meet our profitability targets.

we haven't publicly disclosed the exact size and impact of this discontinued specialty account other than disclosing that it was significant in size and that it didn't meet our profitability targets


If we look on our own business, we see increasing traction on our 4G portfolio as well as 5G portfolio, and we have announced a number of wins during the fourth quarter.

if we look on our own business we see increasing traction on our 4g portfolio as well as 5g portfolio and we have announced a number of wins during the fourth quarter


namely oral formulations of Calcitriol, paracalcitriol and doxercalciferol. These therapies are not recommended for routine use in this patient population according to the newly revised

namely oral formulations of calcitriol paracalcitol and doxercalciferol these therapies are not recommended for routine use in this patient population according to the newly revised


We have not yet seen tariffs impacting customer demand, although they are now top of mind for both customers and suppliers and are beginning to impact manufacturing input costs.

we have not yet seen tariffs impacting customer demand although they are now top of mind for both customers and suppliers and are beginning to impact manufacturing input costs


Then if we have any excess capital, we will distribute that back to the shareholders in one way or another. And what we have done, as you alluded to, we've done that through share buybacks the last couple of years.

then if we have any excess capital we will distribute that back to the shareholders in one way or another and what we have done as you alluded to we've done that through share repurchases the last couple of years


Further cost saves will continue to phase in over the coming quarters and are expected to be fully realized by the end of 2018. These milestones were important steps that enable us to successfully execute our strategy,

further cost saves will continue to phase in over the coming quarters and are expected to be fully realized by the end of 2018 these milestones were important steps that enable us to successfully execute our strategy


As you'll recall, we instituted a quality call to action, bolstered by the acquisition of Navilyst, to aggressively build a culture of quality throughout the organization. I am proud of our company,

as you recall we instituted a quality call to action bolstered by the acquisition of natalyst to aggressively build a culture of quality throughout the organization i am proud of our company


These new onboardings will continue to ramp up in the first and second quarter of 2017. We were also successful securing several multiyear contract renewals. The

these new on-boardings will continue to ramp up in the first and second quarter of 2017 we were also successful securing several multi-year contract renewals


This will represent the first intelligent, consumer-directed health information capacity in the markets we serve. And we hope, over time, it could help transform the way health information is used in the care process.

this will represent the first intelligent consumer-directed health information capacity in the markets we serve and we hope over time it could help transform the way health information is used in the care process


We continue to drive growth across each segment. We are pleased with Orlaco's contribution to the Electronics segment in the first quarter. We expect to continue to recognize synergies that will create value for our shareholders.

we continue to drive growth across each segment we are pleased with our lackos contribution to the electronics segment in the first quarter we expect to continue to recognize synergies that will create value for our shareholders